GST Payable Credit Intro

Transcript

What is output GST? Gst On Sales Is Called Output Gst What is Input GST? Gst On Purchase Is Called Input Gst What is GST Payable? GST Payable is Output-Input Difference between GST Payable and GST Credit GST PAYABLE GST Credit If output is more than Input,we get GST Payable If Input is more than Output,we get GST Credit We need to deposit this tax by filling challan No need to Deposit Tax.This Credit is added to Input of Next Month What is GST Challan? It is a form used to pay tax It is to be fillled in case of GST Payable What is GST Return? It is a form containing details of Sales,Purchase,Input and Output) It is to be filled in all cases (even if no sale purchase made) Suppose in January A shopkeeper has following Sales Purchase Particular Amount Purchase 100000 IGST 5% 5000 Total 105000 Particular Amount Sales 140000 IGST 5% 7000 Total 147000 Calculate Output IGST Input IGST GST Payable -a- Particular Amount Output IGST 7000 Input IGST 5000 GST Payable 2000 -ea- Now in February The shopkeeper has following Sales Purchase Particular Amount Purchase 200000 IGST 5% 10000 Total 210000 Particular Amount Sales 180000 IGST 5% 9000 Total 189000 Calculate Output IGST Input IGST GST Payable GST Credit -a- Particular Amount Output IGST 9000 Input IGST 10000 GST Payable GST Credit 1000 -ea- GST Credit of one Month is added to Input of Second Month Now in March The shopkeeper has following Sales Purchase Particular Amount Purchase 400000 IGST 5% 20000 Total 420000 Particular Amount Sales 300000 IGST 5% 15000 Total 315000 Calculate Particular Amount Output IGST Input IGST Add Opening IGST Total Input GST Payable GST Credit -a- Particular Amount Output IGST 15000 Input IGST 20000 Add Opening IGST 1000 Total Input 21000 GST Payable GST Credit 6000 -ea- In Which Months, Do We need to Pay Challan -a- January -ea- In Which Months, Do We need to File GST Return? -a- January February March -ea-